Solar Panel Cost Guide in Lakeland, TN (2024 Update)
- Lakeland Solar Installation Cost: $19,280
- 25-Year Savings: $10,799
- Payback Period: 19.9 Years
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Average Cost of Solar Panels in Lakeland
Let’s have a look at the average cost of solar in Lakeland.
The average cost of solar panels in Lakeland is 4 per watt.Using this figure, a typical 7.7-kW system would cost about $19,280 before the 0 federal solar tax credit is applied.
These figures are just estimates, and your own solar costs will most likely differ based on the amount of energy your home requires and what company you go with.For most homeowners, the upfront investment in solar is worth paying. On average you could be looking at about $13,000 in savings on electricity bills over 20 years.
You can click the button below to get connected with a pre-vetted solar company in Lakeland that can help you get a more accurate cost estimate for your home.
Solar savings over time in Lakeland
| Year | Return on Investment |
|---|---|
| 1 years | $-17,772 |
| 3 years | $-14,756 |
| 5 years | $-11,739 |
| 7 years | $-8,722 |
| 9 years | $-5,706 |
| 11 years | $-2,689 |
| 13 years | $328 |
| 15 years | $3,344 |
| 17 years | $6,361 |
| 19 years | $9,378 |
| 21 years | $12,394 |
| 23 years | $15,411 |
| 25 years | $18,428 |
Top Solar Installers in Lakeland
Although you can install solar panels by yourself, it takes extra effort and know-how. For that reason, most homeowners choose to hire a solar panel installer. Another great thing about going with a reliable solar installer is that it'll usually provide warranties and free repairs, which help protect your solar investment.
There are a number of licensed solar professionals that can install solar panels for you. Here are our suggestions:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
See all of the solar companies in Lakeland
Factors that Affect Solar Panel Costs in Lakeland
Even though the average cost of a solar system in Lakeland is $19,280, your final cost may differ. There are several factors that can have a sizable impact on the cost of a residential solar panel installation. Below are some of the more important things to consider.
Solar Equipment
When it comes to estimating the cost of solar panels in Lakeland, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home’s energy consumption, which you can determine by looking at past electricity bills. Your overall cost can increase by around $3,580 for each additional kilowatt you need.The type of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. On the other hand, higher efficiency could save you more over time on your energy bills. In addition, add-on products, like solar batteries, can bump up your total well above the Lakeland average.
Solar Financing Terms
Solar panels can save you money on energy bills over many years, but they can also be a big investment. That’s why many Lakeland homeowners decide to finance their solar panel systems to make paying for solar more affordable.Though solar loans make adopting solar energy more accessible for Lakeland homeowners, they can also raise the total you pay for your system due to interest. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The solar panel installation company you select will influence your total cost to go solar. Different companies will bill different amounts for the equipment and labor.Companies that only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It’s best to do some research and choose a company that offers the products, warranties and services you want and also is within your budget.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.72 | $15,637 | $3,242 | 20.7 years |
| 8 kW | $3.65 | $20,449 | $4,724 | 20.3 years |
| 10 kW | $3.58 | $25,060 | $6,406 | 19.9 years |
| 12 kW | $3.51 | $29,471 | $8,289 | 19.5 years |
| 14 kW | $3.44 | $33,681 | $10,372 | 19.1 years |
| 16 kW | $3.37 | $37,690 | $12,656 | 18.7 years |
| 18 kW | $3.29 | $41,499 | $15,140 | 18.3 years |
| 20 kW | $3.22 | $45,108 | $17,825 | 17.9 years |
How to Save on Solar Panels
Since the brand of solar panels and the installer you choose has an impact on your costs and your system’s durability and efficiency, it’s important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Installation Process: Get details from your solar company about the installation process and what to expect, including when the site survey will be done and how long it will take.
- Reputation: Solar installers that have great reviews from their customers and that have been in business for many years most likely offer quality solar panel installation and expertise.
- Solar Panel Brands: Different companies have various brands and types of panels. If you know you want a specific brand, make sure the solar panel company you’re considering has it.
- Warranty: Many companies offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
EcoWatch's Lakeland, TN Solar Cost FAQs
What is the average cost of installing solar panels in Lakeland?
The average cost of solar panels in Lakeland is about $17,900 for a 5-kW system and $35,800 for a 10-kW system before the ITC, but the real cost will depend on stuff like the kind of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Lakeland?
Leasing solar panels can be an option if you can’t pay upfront or secure a solar loan, but since you don’t own the system, you don’t have access to many solar incentives. Also your property value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most bang for your buck from going solar.
Is making the switch to solar worth it?
Solar panels can be a beneficial investment for most homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your power bills are already reasonably low, solar panels might not be for you.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you need to know how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average house will need 20 to 35 panels.
Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert's opinion on the top solar companies featured here, follow this link.
Company research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.